Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.17%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.02%
baseline attrition
Rally response
-10.27%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $546M | 9.2% | +9.5% | 4.8 yr |
| — | $539M | 9.1% | — | 3.0 yr |
| MAMastercard Incorporated | $531M | 9.0% | -8.5% | 6.3 yr |
| UNHUnitedHealth Group Incor | $509M | 8.6% | -46.9% | 10.5 yr |
| AONAon plc | $491M | 8.3% | -18.4% | 2.3 yr |
| MSFTMicrosoft Corporation | $481M | 8.1% | -0.6% | 10.5 yr |
| CRMSalesforce, Inc. | $421M | 7.1% | -30.2% | 1.8 yr |
| TMOThermo Fisher Scientific | $416M | 7.0% | -0.9% | 9.3 yr |
| WATWaters Corporation | $358M | 6.1% | -19.2% | 3.8 yr |
| ICEIntercontinental Exchang | $338M | 5.7% | -7.8% | 7.0 yr |
| BDXBecton, Dickinson and Co | $318M | 5.4% | +14.0% | 6.3 yr |
| CHTRCharter Communications, | $240M | 4.1% | -41.4% | 10.0 yr |
| HHyatt Hotels Corporation | $192M | 3.3% | +17.9% | 0.8 yr |
| ANTMElevance Health Inc. | $186M | 3.2% | — | 3.0 yr |
| TDGTransDigm Group Incorpor | $155M | 2.6% | -10.5% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research13.1%+6.4pp$773M
Medical - Healthcare Plans11.8%-0.8pp$695M
Specialty Retail9.3%-0.4pp$547M
Unknown9.1%+1.6pp$539M
Financial - Credit Services9.0%+4.9pp$531M
Insurance - Brokers8.3%+0.9pp$491M
Software - Infrastructure8.1%-2.9pp$481M
Software - Application7.1%+1.3pp$421M
Financial - Data & Stock Exchanges5.7%+0.7pp$338M
Medical - Instruments & Supplies5.4%-2.3pp$318M
Country
US82.3%-1.7pp
Unknown9.1%+1.6pp
IE8.6%+1.0pp
TW0.0%+0.0pp
Top 5: 44.3% · Top 10: 78.4% · Top 25: 100.0%
Top buys this quarter · 1
| MA Mastercard Incorporated | +$137M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$366M |
| MSFT Microsoft Corporation | −$291M |
| UNH UnitedHealth Group Incorporate | −$176M |
| AON Aon plc | −$152M |
| BIO Bio-Rad Laboratories, Inc.exit | −$151M |
| TMO Thermo Fisher Scientific Inc. | −$141M |
| BDX Becton, Dickinson and Company | −$134M |
| CRM Salesforce, Inc. | −$132M |
| ICE Intercontinental Exchange, Inc | −$113M |
| CHTR Charter Communications, Inc. | −$88M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.90B | 21 | -9.74% | +17.59% | -27.33% | -2.55B |
| 2025-12-31 | $9.77B | 27 | +1.50% | +17.72% | -16.22% | +0.13B |
| 2025-09-30 | $9.36B | 30 | -0.66% | +17.52% | -18.18% | -0.67B |
| 2025-06-30 | $10.00B | 34 | +8.50% | +14.94% | -6.44% | +0.00B |
| 2025-03-31 | $9.90B | 35 | +6.37% | +8.30% | -1.93% | -0.53B |
| 2024-12-31 | $10.72B | 35 | +15.54% | +24.89% | -9.35% | -2.92B |
| 2024-09-30 | $13.53B | 34 | +24.23% | +36.04% | -11.81% | -0.95B |
| 2024-06-30 | $13.22B | 32 | +11.72% | +24.49% | -12.78% | -0.43B |
| 2024-03-31 | $13.79B | 33 | +19.25% | +29.62% | -10.38% | -0.89B |
| 2023-12-31 | $13.89B | 33 | +22.93% | +26.18% | -3.25% | -0.51B |
| 2023-09-30 | $13.28B | 35 | +18.40% | +21.57% | -3.17% | -0.89B |
| 2023-06-30 | $14.38B | 38 | +8.38% | +19.42% | -11.04% | +0.08B |
| 2023-03-31 | $13.54B | 34 | -12.77% | -7.82% | -4.95% | +0.23B |
| 2022-12-31 | $12.21B | 32 | +4.43% | +7.56% | -3.13% | -0.41B |
| 2022-09-30 | $12.09B | 37 | -9.79% | -4.93% | -4.86% | +0.00B |
| 2022-06-30 | $13.40B | 38 | -14.99% | -16.11% | +1.12% | -0.48B |